REG - 80 Mile PLC - Binding Heads of Term With US Group to JV Disko

80 MileAnnouncement

03/11/2025 07:00

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RNS Number : 8692F  80 Mile PLC  03 November 2025

3 November 2025

Binding Heads of Term Reached With US Group to Joint Venture Disko-Nuussuaq
Project, Greenland

80 Mile PLC ('80M' or the 'Company'), the AIM, FSE, and OTC.BLLYF listed
exploration and development company with projects in Greenland, Finland and
Italy, is pleased to announce that it has entered into a Binding Head of Terms
("HoT") with USFM Corporation ("the US Partner") setting out the terms for the
US Partner to fund US$30 million to earn 51 percent of the Disko-Nuussuaq
project in West Greenland ("Disko") (the "Proposed Transaction"). 80 Mile will
act as the operator and will receive a management fee equal to 12.5% of the
total expenditure as well as a £500,000 cash payment upon signing of
definitive agreements.

Under the HoT, the US Partner will fund an initial US$30 million to earn a 51
percent legal and beneficial interest in Disko. 80 Mile will be free carried
for its 49% until completion of the earn in then will contribute or dilute.

The HoT explicitly state that all funds are to be directed towards drilling
rather than reprocessing data with a minimum of US$10 million to be spent on
drilling related activities within 10 months of the signing of the HoT.

USFM Corporation is based in Golden, Colorado, home to the Colorado School of
Mines from which the the Company intends to work with current professors &
recent post graduates and will also select two interns for the upcoming
drilling programme in spring / summer of 2026.

Roderick McIllree is expected to join the board of USFM Corporation following
the Proposed Transaction, subject to agreements and approvals. 80 Mile
currently owns 100 percent of Nikkeli Greenland A/S, the holder of the Disko
licenses.

Roderick McIllree, Executive Director of 80 Mile, commented:

"The global race for critical resources shows no sign of slowing. Greenland
sits at the center of this story, and we sit at the center of Greenland's
resource landscape. As custodians of several of the country's most significant
commodity projects, we are entering an exciting new chapter. Jameson and Disko
stand among the most exceptional assets in Greenland, with scale and potential
that carry far-reaching implications for global supply security.

"It has taken time and determination to reach this point, but with recent
progress at Hydrogen Valley and growing interest from the U.S. administration
in Greenland's critical minerals, our timing could not be better. This joint
venture represents another major milestone for both Disko and 80 Mile. The
funding structure has been purpose built to accelerate drilling and resource
definition while preserving our operational leadership through the project's
most decisive early stages.

"Disko is rapidly emerging as one of the world's most prospective copper,
nickel, cobalt and PGE districts. Surrounded by Anglo American at the licence
boundary, this agreement gives us the capital to finally answer the question:
"What is this thing?"

"We look forward to working closely with our U.S. partners and, pending final
approvals, delivering the first systematic drilling ever undertaken at Disko.
This partnership is a clear endorsement of the quality of the project and of
our broader strategy to unlock Greenland's immense mineral potential. There is
much more to come."

Transaction Overview

•      The US Partner will fund US$30 million of expenditure on the
Disko licences to earn a 51 percent legal and beneficial interest in Disko.

•      In consideration, 80 Mile will assign or cause to be transferred
the relevant percentage interest to the US Partner upon completion of the
required expenditure.

•      80 Mile will act as operational managers for all activities.

•      On signing the definitive agreement(s), the US Partner will pay
£500,000 to 80 Mile.

•      80 Mile will receive a 12.5% management fee on all expenditure
incurred at Disko

•      The definitive agreements will include customary representations
and warranties, including ownership of Nikkeli Greenland A/S and Disko, and
good standing of the licences.

•      If the project is cancelled or the joint venture terminates,
each party's contributed assets revert to them where practicable, and the US
Partner will bear 100 percent of site restoration and rehabilitation costs.

•      Both parties have agreed to exclusivity from HoT signing until
the earlier of completion or six months from the date of signing the HoT,
being 1 May 2026.

•      It is intended that Roderick McIllree will join the board of the
US Partner in connection with the Proposed Transaction as a representative of
80M, subject to definitive agreements and any required approvals.

The Proposed Transaction is subject to and conditional upon, inter alia:

•      80 Mile and the US Partner entering into definitive agreements
reflecting the HoT.

•      Shareholder approvals of 80 Mile and of the US Partner (if
required);

•      Approval by the Greenland Government of the proposed work
programme for the Project.

•      All necessary consents/authorities/approvals from the Greenland
Government for the transfer/assignment of the 51 percent interest on
completion of expenditure commitments

•      Any further third-party, regulatory or tax consents required for
the Project on terms satisfactory to both parties.

•      No material adverse change in 80 Mile prior to completion.

•      No termination or assignment to a third party of the Disko
interest prior to completion.

•      No proposed or enacted legislation/regulation that would
prohibit or materially restrict implementation of the definitive agreements;
and

•      A Long Stop Date of six months from the HOT date (being 1 May
2026) for satisfaction or waiver (where capable of waiver) of conditions,
after which the HOT terminates automatically.

About the Disko-Nuussuaq Project

Located on the south-west coast of Greenland, Disko has shown its potential to
host mineralisation similar to the nickel/copper sulphide mine
Norilsk-Talnakh located in northern Russia. Seven significant Magmatic
Massive Sulphide ("MMS") targets have been identified to-date at the licence
area, with the largest being confirmed now at 5.9 kilometres ("km") long by
1.1km wide. A 28 tonne ("t") boulder of pure massive sulphides assayed 6.9%
nickel, 3.7% copper, 0.6% cobalt and 2 grammes per tonne platinum group
metals has also been discovered on the licence area. This boulder is on
display at the Danish Geological Museum in Copenhagen. A 28t boulder of metal
rich massive sulphides clearly demonstrates the significant potential of the
project.

A surface sampling programme undertaken by the company confirmed the existence
of a working sulphide system (Photo 1) at Disko, initial results returned
averaged between 4.6%-9.3% nickel & 1.5-2.8% copper. (Photo 2)

Fresh samples taken from outcrops confirmed characteristics indicative of
large-scale Ni-Cu-Co-PGE sulphide segregation and coarse grained inter-locking
crystals of metal sulphides were observed in hand specimens with an average
crystal size of +15cm indicating that the significant accumulation /
precipitation times required for formation of large-scale MMS deposits has
occurred. (Photo 3)

Photo 1 Impressive hand specimen from Disko showing accumulation / settling
phase of a metal sulphide rich Picritic Magma.

 

 

Photo 2 Sample from the Disko boulder that assayed 6.9% Nickel, 3.7% Cu, 0.6%
Co, and 2gt PGE

 

Photo 3 hand specimen from Disko showing large interlocking nickel-copper PGE
rich crystals of massive sulphide

 

Magmatic massive sulphide deposits are extremely rare and extremely
valuable. Notably, based on combined reserves, resources, and historical
production, it has been estimated by independent parties that the total value
of ores in the Norilsk-Talnakh district surpassed US$1.4 trillion based on
2020 metal prices (Barnes et al., 2020). Disko is estimated to have 28% more
picritic lavas than Norilsk. Picritic lavas are magmas sourced from the
mantle, a metal dense layer inside the earth and a critical prerequisite for
large scale metal accumulations in surficial magmatic massive sulphide
deposits.

The Disko and Nuussuaq Project comprises six MELs covering a total area of
3,015 square kilometres located on Disko Island and the Nuussuaq Peninsula in
Central West Greenland. The project area is located approximately 120
kilometres northwest of Ilulissat, Greenland's third-largest city, which
serves as the educational, commercial, and administrative hub of Central West
Greenland, with a population of 4,700. Ilulissat is well-equipped with
essential infrastructure including an airport, deep-water port facilities, and
various service providers. Notably, a new international airport is currently
under construction and is anticipated to be operational by the end of 2025.
Since 2016, 80M has maintained a logistical base in Ilulissat, facilities
designed to support its operations at Disko-Nuussuaq projects. Additionally,
the Nikkeli operates a modular exploration camp for up to 40 personnel
situated at the abandoned coal mining town of Qullissat on Disko Island. The
Disko-Nuussuaq Project is hosted within the West Greenland Flood Basalt
Province ('WGFBP'). The WGFBP is associated with the initial phase of
continental breakup and the onset of seafloor spreading of the Labrador Sea
during the early Paleogene. This province serves as a recognized geological
analogue to the Siberian Flood Basalts of the Noril'sk Region of Siberia. This
analogy was first recognised by Cominco (now Teck) and provided the
exploration framework that has guided subsequent exploration efforts.

               Figure 1: Regional map of Central West Greenland
including 80M project areas.

 

 

 

 

 

 

 

 

 

 

 

 

 

Figure 2: Diagram based on Lesher & Houle 2015 highlighting the resource
potential for Disko's "missing metal in magma" the thresholds for Giant and
Super Giant deposits, based on Laznika 2010.

 

 

For further information please visit http://www.80mile.com
(http://www.80mile.com/)  or contact:

 

 Eric Sondergaard                                  80 Mile plc                          enquiry@80mile.com
 Ewan Leggat / Devik Mehta                         SP Angel Corporate Finance LLP       +44 (0) 20 3470 0470

(Nominated Adviser and Broker)
 Harry Ansell / Katy Mitchell / Andrew de Andrade  Zeus Capital Limited (Joint Broker)  +44 (0) 20 3829 5000
 Megan Ray / Said Izagaren                         BlytheRay                            +44 (0) 20 7138 3204

(Media Contact)

                                                                                        80mile@blytheray.com (mailto:80mile@blytheray.com)

 

About 80 Mile Plc:

 

80 Mile Plc, listed on the London AIM market under the ticker 80M, Frankfurt
Stock Exchange, and the U.S. OTC Market under the ticker BLLYF, is an
exploration and development company focused on high-grade critical metals in
Tier 1 jurisdictions. With multiple projects in Greenland, as well as a
developing industrial gas and biofuels business in Italy, 80 Mile offers both
portfolio and commodity diversification focused on base metals, precious
metals, and industrial gas while expanding into sustainable fuels and clean
energy solutions in Tier 1 jurisdictions. 80 Mile's strategy is centered on
advancing key projects while creating value through partnerships and strategic
acquisitions.

80 Mile's acquisition of White Flame Energy and the Jameson licenses in East
Greenland has positioned the Company in one of the world's most compelling
undrilled hydrocarbon basins. Under its agreement with March GL, drilling of
two fully funded wells is set to commence, with Pelican Acquisition
Corporation's merger with Greenland Exploration valuing 80 Mile's retained 30%
interest in Jameson at approximately US$92 million. This acquisition and
partnership significantly expand 80 Mile's exposure to the energy sector while
advancing its strategy of developing both conventional and sustainable energy
opportunities.

The Disko-Nuussuaq nickel-copper-cobalt-PGE project in Greenland is a primary
focus for 80 Mile, 100% owned by 80 Mile PLC. Seven priority targets
exhibiting spatial characteristics indicative of potential deposits on a scale
comparable to renowned mining operations such as Norilsk, Voisey's Bay, and
Jinchuan, will be advanced by the Company.

The Dundas Ilmenite Project, 80 Mile's most advanced asset in northwest
Greenland, is fully permitted with a JORC-compliant Mineral Resource of 117 Mt
at 6.1% ilmenite and an offshore Exploration Target of up to 530 Mt. Dundas is
poised to become a major supplier of high-quality ilmenite. Recent discoveries
of hard rock titanium mineralisation, with bedrock samples showing nearly
double the ilmenite content of previous estimates, further enhance the
project's world-class potential. 80 Mile owns 100% of the Dundas Ilmenite
Project under its subsidiary Dundas Titanium A/S in Greenland.

80 Mile PLC has executed an asset purchase agreement with Amaroq Minerals Ltd.
(AIM, TSXV, NASDAQ Iceland: AMRQ) to divest its 100% interest in the
Kangerluarsuk zinc-lead-silver project in Greenland. Under the terms of the
agreement, 80 Mile will receive US$500,000 in Amaroq shares upon completion,
with a further US$1,500,000 payable in cash or shares upon the discovery of an
economic deposit, defined by a JORC or NI 43-101 compliant resource that
supports development.

 

 

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and
uncertainties. Forward-looking statements are statements that are not
historical facts. Such forward-looking statements, including with respect to
the initial public offering, are subject to risks and uncertainties, which
could cause actual results to differ from the forward-looking statements. No
assurance can be given that the initial public offering will be completed on
the terms described, or at all, or that the net proceeds of the offering will
be used as described in the offering prospectus. The Company expressly
disclaims any obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any
change in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is based.

 

 

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